Court award boosts Mybet results in H1-2017

Online sports betting and casno group MyBet Holdings continued to battle in H1-2017, but received a welcome boost in the form of a Euro 11.8 million German High Court award from its long-running litigation against Westdeutsche Lotterie, which was successfully concluded in May this year.

That enabled the operator to offset weak betting results and blocked online services in the Greek market, retire a Euro 4 million credit facility, report a Euro 7 million EBIT and a Euro 4 million profit, and hold a positive cash balance.

Operationally, Mybet reported revenues down 28.5 percent at Euro 17.1 million (H1-2016: Euro 24 million).

CEO Markus Peuler said that for now the company confirms its FY forecast of revenue between Euro 44.5 and 47 million, EBIT between Euro 4.5 and 5.5 million and liquidity by the end of the year to be between Euro 1 and 2 million.

However, he cautioned:

“To achieve our forecast we have to be able to reactivate our online casino in Greece in the second half of the year and obtain a good customer acceptance of the new platform. Currently the Greek casino is not available yet and the football season has just started.

“So we cannot conduct a final assessment of the platform yet, especially in the sports betting segment. As a consequence there is currently no reason for changing the forecast, but we will monitor the further development of the business very closely.”

Peuler added that additional momentum could arise from Mybet’s new B2B business with betting shops in Austria and the new sponsorship of the Bundesliga football club Borussia Mönchengladbach (see previous reports).

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